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Message
re: Red Lobster considering filing for bankruptcy
Posted on 4/17/24 at 12:46 am to MrLSU
Posted on 4/17/24 at 12:46 am to MrLSU
quote:
Part of the problem is that former Red Lobster President Edna Morris misjudged how much customers would eat during a $22.99 all-you-can-eat crab promotion. Red Lobster never recovered from that disastrous idea and lost an absolute fortune because of it. Customers went back on average 4 times to fill up their plates. Red Lobster could withstand 2 times but lost money on #3 and the #4 refill cost the restaurant roughly $17 dollars every time someone ordered the all you can eat crab promotion.
You ever heard of fostering goodwill and customer loyalty? If people think they got a deal they’d keep coming back again and again.
Or of loss leaders? I mean the chain is still around so they’ve done something right
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